7 News Belize

A Tale Of Two Leaders And One Superbond
posted (February 21, 2012)
And whoever has the manifesto that appeals more strongly to voters will form the next government, and one of the first things they'll have to deal with is the Superbond.

A 33.5 million dollar payment was due and made yesterday, but the interest steps up to 8.5% in August when Government must pay 51 million dollars.

Speaking on the Superbond today, Francis Fonseca told the media that his strategy would be to simply grow the economy:

Francis Fonseca - Party Leader, PUP
"The answer to the Superbond is to grow the economy. We have said that to Mr. Barrow a long time ago. Stop whining about the Superbond and get to work growing the Belizean economy. The reason that the Superbond has become a burden on the backs of the Government and the Belizean people is because of the fact that the economy has not grown under this UDP Government. For 4 years we have had a stagnant economy. In 2009 we had negative growth. In that context, indeed, the Superbond becomes burdensome."

Of course, as he's been making clear since he announced elections, Prime Minister Dean Barrow would take a very different tack.

He hopes to re-negotiate the Superbond to more favorable terms. That has sent the rating agencies running for the doors, and both Standard and Poor's and Moody's downgraded Belize.

But that hasn't changed the PM's song; in fact, he's become even more strident. At a pre-election rally on Sunday in Orange Walk he made it clear that the Superbond must be renegotiated.

Now, this is not an interview but what you might call a stump speech on the rostrum, where Barrow was playing up to a crowd of supporters. Here's what he said:..

Dean Barrow - Party Leader, UDP
"So I don't give a damn about the rating agencies. What I am doing is telling them, 'You know what? I am serving you all notice. Look out and get ready because Belize is coming. We are coming.' There is no doubt that the People's United Party, in terms of this Superbond, did a horrible thing to the people of Belize. But, I know from a long time that a wise man said it eons ago, 'You can't have a bad borrower, if you don't have a bad lender.' So all of you all out there, who were happy to lend the PUP this money, and burden us until thy kingdom come with this Superbond well hear this: we are coming back to you, and we are telling you that you will re - negotiate that. You will take down that interest rate, and you will spread the majority period out over a far longer time. We will stop paying that 8.5% and 80+ million dollars a year because we need that money to spend on the development of Belize for the people of this country. So you will hear that the first thing that we do after being re-elected is to announce an appointment of a team to go and re-negotiate that Superbond to give us better rates - far better rates because we aren't taking it anymore."

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